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Capital One 360 Checking: A Review

Capital One 360 logoShortly after ING Direct became Capital One 360 following the sale of the former, we reviewed the bank’s certificate of deposit offers.

Today, we’re giving its checking accounts a similar treatment.

The first thing to note is that Capital One 360 offers a $50 bonus for opening its free checking account.

To snag the extra cash, you just need to make three transactions — they can be three debit card purchases, three person-to-person payments or a combination, within 45 days of opening the account. Then you’ll get $50 deposited in your account on the 50th day after your account has been opened.

Capital One is based in McLean, Va., and if you live in the nine states where the bank has branches, you have other checking options available. But if you live elsewhere in the country, you’ll automatically be rerouted to the Capital One 360 website.

360 Checking is actually a pretty good offer, particularly if you’re up on banking technology. It’s the only Capital One account that offers mobile deposits and P2P payments, and you get free access to 38,000 AllPoint ATMs.

It’s an electronic checking account, but if you need to have paper checks, you’ll pay $5 for 50 of them.

You don’t pay any monthly fees, and there’s no monthly deposit requirement for opening a 360 Checking account. You also earn interest.

While it’s fairly minimal, at 0.20% APY on balances below $50,000, you’ll earn 0.80% APY on balances from $50,000 to $99,999, and 0.85% APY on balances of $100,000 or higher.

For those who live in the states where Capital One has branches, you have three other checking account choices.

The Rewards Checking account gives you rewards when you use your debit card, write checks or use online bill payment. You can claim the rewards in cash, for travel, or for merchandise. You also get extra rewards for opening an account, setting up direct deposit and on your one-year anniversary.

Rewards Checking requires a $50 minimum deposit to open and charges an $8.95 monthly fee unless you keep a minimum daily balance of $300 in the account or have a monthly direct deposit of at least $250.

Premier Rewards Checking offers double the rewards but has higher fees. You can get the $14.95 monthly fee waived if you have an average balance of $1,500 in the account, have $3,000 in monthly combined account balances or have a direct deposit of at least $1,000 per month.

The other option is High Yield Checking, but that requires a minimum deposit of at least $500 and a combined account balance of at least $5,000 in deposit or brokerage accounts, or have a home loan with Capital One.

If you don’t keep the minimum in account balances, your checking account may be closed or converted to another type of account.

The key benefit of the High Yield Checking account is that you’ll earn a guaranteed rate of 1.00% APY for a year on balances to $100,000.

You can learn more about Capital One 360 at www.capitalone360.com or call 800-464-3473.

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  1. bank of america offer code said:
    on April 22nd at 12:26 pm

    Did you notice and change in service since ING Direct became Capital One 360? I like their products but I feel like their service level has been a little impacted.